March 09, 2002

Los Angeles — The recipient of the Lifetime Achievement Award and finalists of the 2002 Gerald Loeb Awards for Distinguished Business and Financial Journalism were announced today by Bruce G. Willison, chairman of the G. and R. Loeb Foundation, Inc. and dean of UCLA Anderson. Among the highest honors in journalism, the Loeb Awards recognize members of both print and broadcast media for significant contributions to business, financial and economic journalism.

The 2002 Lifetime Achievement Award will be given to Paul E. Steiger, managing editor and vice president of The Wall Street Journal, Willison announced. The annual award recognizes an individual whose career exemplifies the consistent and superior insight and professional skills necessary to further the understanding of business, financial and economic issues.

Unlike previous years, this year's Loeb Award winners will not be announced until the awards banquet, which will be held Monday, June 24, 2002, at the Hilton New York. Lou Dobbs, host of CNN's "Moneyline," will serve as master of ceremonies for the banquet. Steve Forbes, president and editor-in-chief of Forbes, will pay a posthumous tribute to longtime Loeb Awards judge Lawrence Minard, former editor of Forbes Global.

"This year's Loeb Awards banquet will be captivating," said Willison. "By not revealing the winners until June, we hope to add some excitement and suspense to the event."

The finalists for the 2002 Loeb Awards in print and broadcast media categories are as follows:

Large Newspaper Category
The finalists in the large newspaper category (circulation of more than 400,000) are: Barry Meier and Melody Petersen for "OxyContin," classic investigative journalism with exhaustive detail from the addiction to the marketing of this prescription drug, in The New York Times; Duff Wilson and David Heath for "Uninformed Consent," a shocking portrait of the Fred Hutchinson Cancer Research Center, an icon of the Seattle establishment, in The Seattle Times; Rebecca Smith and John Emshwiller for "Enron: The Demise of a Giant," an authoritative, even definitive, study of the most important financial story of the year, presenting the gritty details and examining the larger issues, in The Wall Street Journal; and David S. Hilzenrath for "Little Accountability for Accountants," compelling illustration of how the accounting profession systematically violates its public trust with endemic conflict of interests, in The Washington Post.

Medium Newspaper Category
The finalists in the medium newspaper category (circulation between 150,000 and 400,000) are: Judy L. Thomas for "Dead Tired: Weary Truckers Take Lethal Toll," a compelling story of how fatigue is pervasive among truck drivers, causing fatal accidents but little federal action, in The Kansas City Star; Tim Barker and Mary Shanklin for "One-Ticket Town," a down-to-earth report on Orlando's dependence on Disney World and other theme parks that prompted community leaders to look at ways to diversify their local economy, in Orlando Sentinel; Paul D. Davies for "Housed in Debt," readable, thoroughly reported series that triggered enactment of a consumer protection law, in Philadelphia Daily News; and Jeffrey Meitrodt, Mark Schleifstein, Pamela Coyle and Ronette King for "Unequal Opportunity," authoritative reporting that uncovered gross abuses of several local programs that benefited the wealthy, in The (New Orleans) Times-Picayune.

Small Newspaper Category
The finalists in the small newspaper category (circulation of less than 150,000) are: Paula Dobbyn for "A Clear-cut Legacy," combines good analysis with local color on a topic of extreme relevance to the community, the long-term consequences of Native-American-owned companies clear-cut logging their ancestral lands, in Anchorage Daily News; Jenna Greene for "Trade on Trial," reveals and clearly explains how U.S. companies take advantage of an arcane international trade dispute mechanism, in Legal Times (Washington, DC); Janet Patton for "Foal Deaths," written as a mystery story, this series of reports led other papers on what became a national news story, the search for an explanation of why thoroughbred foals began dying in the womb and shortly after birth, in Lexington (KY) Herald-Leader; and Matt Smith for "Flying Blind" and "Flight Capital," a strong story written with color and panache that broke ground by questioning why a municipality would invest time and resources into the airport privatization business overseas, in San Francisco Weekly.

Magazine Category
The finalists in the magazine category are: David Henry and Nanette Byrnes for "The Numbers Game, Why Earnings Are Too Rosy, Confused About Earnings," an in-depth examination of the accounting tricks many companies have used in recent years to put the best face on their financial conditions, in BusinessWeek; Charles Fishman for "But Wait, You Promised…," deep, original reporting that goes far beyond the usual piece exposing bad service to revealing some root causes, in Fast Company; Bethany McLean for "Is Enron Overpriced?," apparently first to report on potential problems, questioning how solid the company/stock was when Wall Street analysts did not, in Fortune; Amy Wallace for "Hollywood's Information Man," exhaustive reporting painting a picture of one of Hollywood's icons, hard hitting but giving the subject's side as well, in Los Angeles Magazine; and Mary Van de Kamp Nohl for "Power Failure," excellent, balanced investigative piece on an otherwise not widely reported major environmental court case, in Milwaukee Magazine.

Commentary Category
The finalists in the commentary category are: Michael Lewis for "Business and Political Commentary," marked by originality and clarity with ability to cut through complex subject matter, in Bloomberg News; Stanley Bing for "The Mourning After, I Love (Leave) New York, The Importance of Irrelevance," provides an up-close and heart-felt look at how his city changed after the September 11 attacks with implications for the economy, in Fortune; Clive Crook for "Wealth of Nations," covers the relationship between economics and government, explaining old issues from new angles and educating readers in a casual and inviting style, in National Journal; Gretchen Morgenson for "Market Watch," sophisticated investment analysis exposing too-good-to-be-true stocks, analysts who promote them and corporate games, in The New York Times; and Scott Herhold for "Stocks.comment," a nice blend of aggressive reporting and thoughtful commentary without fear of offending local interests, in San Jose Mercury News.

Deadline or Beat Writing Category
The finalists in the deadline or beat writing category are: Jennifer Scott Cimperman for "Troubled Steel," chronicling the death a local company revealed the issues confronting the domestic steel industry, in The Plain Dealer; Eric Boehlert for "Radio's Big Bully," a provocative, entertaining analysis of a segment of the media that was first to be deregulated, giving us a taste of things to come, on; Rebecca Smith and John Emshwiller for "Enron: The Demise of a Giant," these stories started a firestorm that permanently changed how corporations and their auditors disclose financial information, in The Wall Street Journal; Jonathan Weil and Steve Liesman for "A Pro Forma Riddle," stellar technical reporting and writing with potential to inform future work on the subject matter, in The Wall Street Journal; Susan Pulliam and Randall Smith for "Rigging the System," uncovered improper allocation of shares in exchange for kickbacks and prompted far-reaching reforms in the IPO process, in The Wall Street Journal; and Gretchen Morgenson for "Wall Street," unmatched articles with incredible sourcing on the hidden conflicts of Wall Street analysts, in The New York Times.

News or Wire Service Category
The finalists in the news or wire service category are: Jonathan Berr, Adam Levy, Peter Robison, Russell Hubbard and Neil Roland for "Muddy Markets," ahead of the curve on the important story of the manipulation of shareholders with selective disclosure, in Bloomberg News; Wylie Wong and Dawn Kawamoto for "Buying Into Trouble," excellent pursuit of hardball tech-sector mogul, reflects persistence and gives balanced perspective for consumers, on CNET; Phil Serafino, David Morris, Vince Golle, Andrew Ward, Glen Justice, Laura Smitherman, Tony Capaccio, Liz Skinner, Roger Runningen, Anna Maria Stolley, Susan Decker and Robert Parry for "September 11: The Day Terrorism Changed Wall Street," stretched the definition of what a business wire does under extraordinary conditions, in Bloomberg News; and Adam Levy, Loren Steffy and Edward Robinson for "Sham of Enron," depth not often seen in wire services as reporters recognized the importance of each development in the collapse of Enron Corp., the nation's seventh-largest company, in Bloomberg News.

Television Category
The finalists in the television category are: Allan Dodds Frank and Lisa Slow for "The Money Trail," good range and breadth covering elements not included elsewhere that built up to a good picture over two months, on Cable News Network/CNNfn; Maria Bartiromo for "Widows," did the important and often forgotten job of going back to a story and asking more, allowing the subject to answer with blunt directness, on CNBC; Michael Kosnar for "Cooper Tires," with the backdrop of the Firestone tire recall, the tragic story of two families and their lawsuit against another tire company, on Dateline NBC; Terence Smith, Anne Davenport, Ilyse Veron and Lester M. Crystal for "Presses Under Pressure," illuminated a broad problem, recession, by studying a single business and explaining why newspapering is so directly affected by the economic suffering of other businesses, on The News Hour with Jim Lehrer; and Margaret Brower, Chris Farrell and Nicole Tundel for "Right on the Money: Parenting on One Income," programming for and about people not usually well served by business television, poor people, explaining simple concepts without condescension, on Twin Cities Public Television.

Thirty-three preliminary judges representing academia and a broad spectrum of media selected this year's finalists. The winners were then selected by a distinguished panel of final judges: Rance Crain, president and editorial director, Crain Communications, Inc.; Lou Dobbs, host of "Moneyline," CNN; Mary Anne Dolan, former editor, Los Angeles Herald Examiner; Steve Forbes, president and editor-in-chief, Forbes; Soma Golden Behr, assistant managing editor, The New York Times; John Hillkirk, managing editor, USA Today; John Huey, editorial director, Time, Inc.; Robert G. Kaiser, associate editor, The Washington Post; Mark Morrison, managing editor, BusinessWeek; Allan Sloan, Wall Street editor, Newsweek; Paul E. Steiger, managing editor, The Wall Street Journal; Richard C. Wald, consultant, ABC News; Bruce G. Willison, dean, UCLA Anderson; and Matthew Winkler, editor-in-chief, Bloomberg News.

Established in 1957 by Gerald Loeb, a founding partner of E.F. Hutton, the awards recognize journalists who have made significant contributions to the public's understanding of business, finance and the economy. The judges select winners based on quality of reporting and writing, news and analytical value, originality and exclusivity, and in the broadcast categories only, production value and visual impact. UCLA Anderson has presented the awards since 1973.

For more information about the Loeb Awards, please visit the Loeb Awards Web site at or call the Loeb Awards office at (310) 206-1877.

Media Relations